Section 33-24-08-105 - Replenishment of guarantees, letters of credit, or surety bonds1. If at any time after a standby trust is funded upon the instruction of the department with funds drawn from a guarantee, local government, letter of credit, or surety bond, and the amount in the standby trust is reduced below the full amount of coverage required, the owner or operator shall by the anniversary date of the financial mechanism from which the funds were drawn: a. Replenish the value of financial assurance to equal the full amount of coverage required; or b. Acquire another financial assurance mechanism for the amount which funds in the standby trust have been reduced. 2. For purposes of this section, the full amount of coverage required is the amount of coverage to be provided by section 33-24-08-83. If a combination of mechanisms was used to provide the assurance funds which were drawn upon, replenishment shall occur by the earliest anniversary date among the mechanisms. N.D. Admin Code 33-24-08-105
Effective January 1, 2009.General Authority: NDCC 23-20.3-03, 23-20.3-04.1
Law Implemented: NDCC 23-20.3-04.1